There has been a lot of buzz within the past few days around Google’s $3.2 billion acquisition of Nest Labs – and rightfully so. In less than 4 years, Nest has revolutionized the way we think about our homes. With their first product, the Nest Learning Thermostat, and more recently, with the Nest Protect smoke and carbon monoxide alarm, Nest has found a way to make devices that were previously ignored into something people get excited about. Founders, Tony Fadell and Matt Rogers, took a page from their work at Apple and turned your household thermostat and smoke detector into sleek, internet-connected devices that can be controlled by your smartphone.
Our journey with Nest began in May 2013, when the company acquired Point Judith portfolio company MyEnergy. Almost 3 years ago, we led MyEnergy’s Series A Round of financing. Founded by Ben Bixby and Greg O’Keeffe in 2007, MyEnergy’s vision was to help consumers monitor and control their homes’ energy usage and costs over time. Nest’s goal with the acquisition was to give their customers more in-depth access and analysis of their energy usage, and we knew that integrating MyEnergy’s technology into Nest’s products could only lead to great things.
We’ve had a great opportunity to see MyEnergy grow over time – from their early days as a startup, to becoming part of the Nest family, to now being part of Google, one of the most innovative and exciting companies in the world. Their journey has been truly remarkable, and we consider ourselves very fortunate to have been part of it. We are excited to see what the future of MyEnergy, Nest, and home automation will bring with this new partnership with Google.